Tinubu moves to end overreliance on borrowing for public expenditure

<p>President Bola Tinubu on Tuesday expressed his administration’s commitment to break the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenues.</p>, <p>Inaugurating the Presidential Committee on Fiscal Policy and Tax Reforms, chaired by Taiwo Oyedele, the President charged the committee to improve the country’s revenue profile and business environment as the Federal Government moves to achieve 18% Tax-to-GDP ratio within three years.</p>, <p>The President, in the presidential Villa, directed the Committee to achieve its one-year mandate, which is divided into three main areas: fiscal governance, tax reforms, and growth facilitation.</p>, <p>He also directed all government ministries and departments to cooperate fully with the committee towards achieving their mandate.</p>, <p>President Tinubu, while stressing the significance of their assignment, informs the Committee that his administration carries the burden of expectations from citizens who want their government to make their lives better.</p>, <p>“We cannot blame the people for expecting much from us. To whom much is given, much is expected,” Tinubu said.</p>, <p>“It is even more so when we campaigned on a promise of a better country anchored on our Renewed Hope Agenda. I have committed myself to use every minute I spend in this office to work to improve the quality of life of our people.”</p>, <p>Acknowledging the country’s current international standing in the area of tax, the President said the nation is still facing challenges in other sectors such as ease of tax payment and its Tax-to-GDP ratio, which lags behind even Africa’s Continental average.</p>, <p>“Our aim is to transform the tax system to support sustainable development while achieving a minimum of 18% tax-to-GDP ratio within the next three years.</p>, <p>“Without revenue, government cannot provide adequate social services to the people it is entrusted to serve.</p>, <p>“Th